Finance in Common Summit hosted by CDP in Rome, the BPS strengthen the commitment to sustainable development and agriculture
The beyond 500 Public Development Banks (BPS) from all over the world are intensifying collaboration and strengthening their commitment to support recovery and economic growth at a global level, promoting a model of sustainable development towards which to direct more and more attention and financial resources, both from the public and private sectors. The attention of the second edition of the Finance in Common Summit (FiCS) hosted this year in Rome from Cassa Depositi e Prestiti, L’Italian financial institution for the Development cooperation. The event took place in partnership with the International Fund for Agricultural Development (IFAD, specialized agency of United Nations for the increase of agricultural activities in backward countries) and with the support of the World Federation of Development Finance Institutions (WFDFI), the International Development Finance Club (IDFC), Agence Française de Développement (AFD) as well as the entire coalition of FiCS.
The international conference of FiCS is included in the calendar of the Italian presidency of the G20, as reported in the quote of the Event contained in the Final Declaration of the “G20 Finance Ministers and Central Bank Governors“Of 13 October last. The FiCS will present in 2022 a report on the progress of its activities at the G20 Presidency on duty, testifying to the crucial role played by World BPS which represent investments for more than an aggregate level 2 trillion dollars, about 10% of total world investments, acting as a link between public policies and the private sector.
The 2021 edition of the FiCS saw the participation of over 150 speaker from all over the world, with 10 thematic sessions, 5 plenary, 3 strategic analysis and scenario sessions e 3 comparison tables between BPS and their main stakeholders. In the course of the works, coordination between the BPS around the world in order to amplify the impacts of their common actions on a global scale. The works of Summit focused on the main challenges of our times, such as: the development of sustainable agri-food systems, food security, the fight against and adaptation to climate change, the conservation of biodiversity, responsible finance, gender equality and inclusion social, sustainable development of the private sector. The event was also an opportunity to carry on the dialogue between the community of BPS and civil society, the private sector, local governments, donors, philanthropic organizations and think tanks to ensure their involvement in actions and projects.
In the first edition of the FiCS, held in November 2020 in Paris, le BPS had agreed on the implementation of a set of coordinated actions, aimed at facing the economic, social and environmental criticalities amplified by the COVID-19 pandemic and at accelerating, through their collective efforts, the achievement of Sustainable Development Goals (SDG) of2030 Agenda from the United Nations and the objectives of international climate agreements.
The Finance in Common Summit 2021moreover, it was the occasion for the signing of:
- a letter of intent between CDP And FAO to build a solid partnership on food safety issues and implement joint project initiatives to support the agri-food sector in rural areas of developing countries.
- there Joint statement on the “European Strategic Cooperation Framework“Among the four European bilateral financial institutions – CDP, the French AFD, the German KfW and the Spanish AECID – part of the Enhanced Partnership With the’European Union. The objective is to further consolidate its action through a joint initiative that leads to the structuring of a co-financing platform of which the Joint Declaration it will govern the modus operandi, the principles and objectives of the partnership, a contractual framework for co-financing and pipeline sharing activities.
- the launch of the “PDBs Platform for Green and Inclusive Food Systems” from IFAD, CDP and others BPS with the support of AFD, aimed at accelerating greener and inclusive investments in agriculture and in food processing, packaging and transport activities. This initiative is part of the Coalition for Action for Inclusive and Sustainable Food System Finance which counts beyond 72 BPS specialized or heavily engaged in the agricultural sector which together account for two thirds of world investment in agriculture. These institutions aim to leverage their role as a catalyst of public and private resources to steer agriculture and food systems towards a more sustainable, resilient and inclusive direction, while ensuring their productivity and sustainability in trade.
The coalition of the Finance in Common it also reaffirmed its commitment to tackling climate change. The BPS in fact, the resources mobilized for the climate are increasing, as evidenced by the investment in “green projects” by $ 1 trillion by the 26 BPS belonging to the International Development Finance Club (IDFC) and the commitments of further funding by 2025. Le Public Development Banks they are also supporting more ambitious national projects and long-term strategies that favor a reduction in funding for fossil fuels.
“From November 2020 – he stressed Adama Mariko, Secretary General of Summit Finance in Common – the entire BPS community has structured its governance and has taken important steps forward to fully exploit its overall potential to achieve sustainable and effective results for all populations and all territories. We look forward to continuing these discussions at COP26 and COP15 and reporting to the G20 and all parties as we continue to press on ambitious mandates, resources and capabilities to better align with the SDGs and the Paris Agreement.“.
The President of Cassa Depositi e Prestiti Giovanni Gorno Tempini he has declared: “The Finance in Common Summit 2021 that CDP had the honor of hosting in Rome represented an important opportunity for international discussion to reaffirm and strengthen the commitment to act as a single system, so that the more than 500 development banks can release their full potential immediately. Indeed, the pandemic and the socio-economic crisis that followed have contributed to amplifying global inequalities and highlighting the urgent need to review current growth patterns. In this context, cooperation between Public Development Banks, such as CDP, will play a crucial role in addressing the complex challenges of the future with the aim of a sustainable and long-term economic recovery.“.
The President of the International Fund for Agriculture and Development (IFAD), Gilbert F. Houngbo, he has declared: “I am very pleased to see the commitment made by the PDBs to accelerate green and inclusive investments in agricultural and food systems, which is particularly crucial in view of the COP26 negotiations. This will support millions of small rural farmers to adapt to climate change and improve their lives and incomes. Finance In Common demonstrates that by joining forces and joining forces we can build a better world“.
Rémy Rioux, CEO, Agence Française de Développement, he has declared: “Just a year after we first brought together all 530 BPS operating at multilateral, international, regional and local level, the second edition of the FiCS, hosted by CDP in collaboration with IFAD, shows that this movement is gaining ground. FiCS, which represented over $ 2 trillion in investments in 2020, fosters multi-stakeholder coalitions and contributes to the global financial debate, from the Financing of African Economies Summit to the G20. Driven by a strong consensus on the need to mobilize BPS for crisis recovery by further investing in the SDGs and the Paris Agreement, FiCS has become a platform for sustainable initiatives for our Governments, our partners and our customers. We are honored and proud that the UN Secretary-General and the G20 approve our contribution to the international climate agenda, ahead of COP 26, and to the theme of nature, a few months before the conclusion of COP 15, with a specific focus on agroecology and food systems“.
The President of the European Investment Bank (EIB), Werner Hoyer he has declared: “The Covid-19 pandemic has shown us how connected we are and how much value we can create by working together with innovative solutions to revive our economies. The Public Development Banks all together have a strong impact. Finance in Common demonstrates that the better we coordinate the more we can drive change and support projects that have a positive impact on the planet and its people“.
Akinwumi Adesina, President of the African Development Bank, he underlined: “As we look to the future to host the Finance in Common Summit in 2022, we will continue our work to strengthen African financial institutions and mobilize funding for African economies. In the wake of Covid-19, the imperative to bridge the financial gap has never been greater“.
During the summit some academic research was presented that demonstrates the centrality of BPS in providing the financial support necessary to support long-term development: the integral materials of these studies will be made accessible on the website financeincommon.org.
The next edition of the Summit (FiCS 2022) will be hosted by African Development Bank (AfDB) and from European Investment Bank (EIB).
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